Access Bank, SCIDaR to Tackle Financing Challenges for 200,000 SMEs

Access Bank said it has partnered with Solina Centre for International Development and Research (SCIDaR), a prominent non-profit organisation spearheading impactful health interventions across Africa to tackle financing challenges faced by over 200,000 health Small and Medium Enterprises (SMEs) in Nigeria.

This collaboration, anchored by the Promoting Accreditation for Community Health Services (PACS) project, aims to bolster the supply chain, enhance productivity, and fortify the economic resilience of SMEs within the health sector, particularly Community Pharmacists (CPs) and Patent & Proprietary Medicine Vendors (PPMVs) across Nigeria.

At the MoU signing event in Abuja, CEO of SCIDaR, Dr. Uchenna Igbokwe said, “Funding is critical for Nigeria’s health system. Insufficient funding has strained our health infrastructure, resulting in subpar performance on health metrics. This partnership with Access Bank is timely as it aligns with the government’s vision for the health sector and has the potential to strengthen health value chains and support our country’s GDP contribution.”

Igbokwe elaborated on SCIDaR’s increasing focus on access to finance and financial inclusion within the health sector, driven by the significant unmet needs and the pivotal role of finance in achieving universal health coverage in Nigeria.

Deputy managing director, Access Bank, Chizoma Okoli said: “In 2022, we launched a project to enrol one in every two Nigerians. It is audacious and we have attained outstanding results so far. As part of our ongoing mandate, we are committed to providing access to finance for entrepreneurs in the transportation, agriculture, and health sectors this year.

“In line with this commitment, we have collaborated with SCIDaR to drive inclusion specifically within the health space. This partnership emphasizes our unwavering commitment to fostering financial inclusion and sustainable development across Nigeria.”

Also, the Group Head of Consumer Banking, Access Bank, Njideka Esomeju highlighted Access Bank’s dedication to driving inclusion in the health sector, stating that “the bank stands ready to extend loans to health SMEs, empowering them to expand their businesses and efficiently serve rural communities across Nigeria.

“This strategy not only promotes increased financial stability but also stimulates economic growth in the health industry.”

Group head, Financial Inclusion, Access Bank, Chizoba Iheme emphasized the bank’s dedication to expanding financial services across Nigeria, highlighting “the strategy to reach all 774 local governments, ensuring even the most remote individuals have access to finance.

“This endeavour is primarily enabled through the bank’s extensive agency banking network, which serves as the digital platform connecting underserved communities to formal financial services. We envision an ecosystem where financial inclusion enhances access to healthcare, ultimately improving the well-being of our communities.”

Iheme elaborated that harnessing the network of Patent and Proprietary Medicine Vendors (PPMV) as agents will extend financial services to remote areas, thereby ensuring broader financial inclusion and widespread adoption of digital banking and financial services within the healthcare sector.